O/T - 401k legal question???
Ok, I am my father's only heir. Today, he called me and asked for my ssn; I have complete trust in my dad, so I give it to him, but then I asked what he wanted it for. He said he was leaving me as the beneficiary of his 401k (he doesn't believe he'll have much longer to live). About 15 min. later he called me back and gave me all his log-in info as well as his ssn so that I could log in to his 401k account b/c "when [he] dies, [I] can just log in and transfer the money into [my] bank acct. w/o having to go through" the 401k company. In theory, this sounds great, but I can't help but thinking this may be illegal. Isn't there an inheritance tax on this sort of thing?